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The Real Deal NYC

Netscape co-founder James Clark sells Palm Beach home for $90M

Netscape’s co-founder just sold a 5-acre estate for close to $90 million to Kathryn and Leo A. Vecellio Jr., marking the second-highest real estate home sale in Palm Beach’s history, according to the Palm Beach Daily News. The off-the-market deal was brokered by Lawrence Moens of Lawrence Moens Associates. It is the largest residential sale in Palm Beach this year. The oceanfront property, known as Il Palmetto sits at 1500 South Ocean Boulevard. It has […]

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Douglas Elliman launches new platform to boost new dev business

Douglas Elliman is turning to tech to give its agents a leg up in the new development market. Elliman and Knight Frank Residential, which are global partners, are launching a new platform to centralize information and marketing tools for new dev projects. Dubbed FOLIO, the new initiative launched Monday and will be available to the roughly 21,500 agents across both firms. FOLIO has been about two years in the making, and its launch comes as […]

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Tempers flare at meeting between REBNY and resi brokerage chiefs

If the Real Estate Board of New York were a restaurant, the city’s top residential brokers have long felt they’re seated near the kitchen. Those old feelings resurfaced last month at a closed-door meeting between brokerage chiefs and REBNY president John Banks. Tempers flared, and Douglas Elliman chairman Howard Lorber, saying he’d had enough, stormed out of the room. “They got the message, let’s put it that way,” said one brokerage CEO in attendance. Reached […]

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Upper Manhattan, Bronx multifamily portfolio trades for $60M

A trio of families sold a portfolio of multifamily buildings in the Bronx and Upper Manhattan they had owned for more than 30 years for $60 million. MGS Associates — a partnership between the Martinez, Gaveau and Saint-Cyr families — sold the portfolio of 14 properties, which spans 341 units across more than 320,000 square feet, the families’ broker told The Real Deal. “They’re three different families across multiple generations, and they just reached a […]

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Kauai estate becomes Hawaii’s most expensive single-family home

The former head of Morgan Stanley’s Asia Pacific operations just sold his 15-acre estate for $46.1 million, marking the most-expensive single-family home ever sold in Hawaii. The waterfront property, known as Hale ‘Ae Kai on the island of Kauai, hit the market more than a year ago in May 2017 for $70 million, according to the Wall Street Journal. It sits on Hawaii’s North Shore near the small town of Kilauea. The seller is a trust […]

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Long Island Cheat Sheet: Pending home sales in Nassau and Suffolk counties bounce back in October … & more

Pending home sales in Nassau and Suffolk counties bounce back The number of pending home sales in October managed to rebound after a drop in September, Long Island Business News reported. Nassau and Suffolk counties saw 2,806 homes contracted for sale. That’s a 4.4 percent increase from the 2,686 homes contracted for sale during the same month last year. Pending sales in Nassau rose by 6.5 percent to 1,221 from the 1,146 in October 2017. […]

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FBE flips Inwood site for more than doubled what it paid

Abraham Fructhandler’s FBE Limited just sold an Inwood development site for more than twice what it paid in April. Brooklyn-based development firm Hello Living bought 4650 Broadway for $55 million, more than twice the $26 million FBE paid in to buy the site in April. Hello Living is planning a mixed-use development with 272 residential units on the site, which offers 370,000 buildable square feet. The building will be called “Hello Broadway” once it’s completed. […]

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Brooklyn’s luxury market notched $44M in contracts signed last week

There were 15 contracts signed in the Brooklyn luxury market last week, split between nine townhouses and six condos. The properties sold for about $43.7 million overall and went for an average price of roughly $2.9 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. That’s up from the week before, when just 11 contracts were signed for […]

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Deadly Woolsey Fire burns famous properties, could worsen with strong winds

Firefighters worked throughout Sunday to contain two wildfires in Southern California ahead of what is expected to be a period of high winds that threaten containment efforts. As of Sunday night, the Woolsey Fire had spread to 85,550 acres and was 15 percent contained, according to the Los Angeles Times. The Hill fire, the smaller of the two, has burned 4,531 acres in Ventura County and is 75 percent contained. At one point on Friday, […]

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Calling all subscribers: Get the scoop on co-working during our next conference call

Join The Real Deal’s editorial staff on Tuesday, November 13 at 2 p.m. for our next subscribers-only conference call. TRD’s senior content director, Jill Noonan will talk to reporters Konrad Putzier and Will Parker about our November cover story, which explores New York’s co-working boom and how the industry is going more corporate (besides those who are keeping it cool.) Do you have questions about the future of co-working? What would you like to know about TRD’s […]

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